Ünite 7: Internal Control and Cash — Veri Tablosu

Comparison of Key Internal Control and Cash Concepts

Concept	Primary Objective	Key Components / Types	Control / Preventative Action
Internal Control	Provide reasonable assurance for objectives	Operations, Reporting, Compliance	Establish strong control environment and 17 principles
Control Activities	Mitigate risks to achieve objectives	Preventive and Detective	Separation of duties, documentation, physical safeguards
Separation of Duties	Prevent fraud and errors	Custody, Record-keeping, Authorization	Assign different people to distinct transaction phases
Fraud	Intentional misrepresentation of facts	Asset Misappropriation, Financial Reporting	Address pressure, opportunity, and rationalization
Cash Controls	Safeguard highly liquid assets	Receipts and Payments	Use POS terminals, voucher systems, and checks/EFT
Petty Cash Fund	Handle small, everyday expenditures	Establishment, Disbursement, Replenishment	Appoint single custodian and collect pre-numbered tickets
Bank Reconciliation	Resolve ledger and bank statement differences	Timing differences and errors	Prepare monthly reconciliation and record adjusting entries